Most economist agree that individual labor supply between $40 and $80 and hour is

Question

Quizplus · Accepted Answer

Labor supply between $40 and $80 per hour is generally considered inelastic because individuals have fewer options to adjust their work hours or find alternative work when wages are in this range. They may have fixed obligations, such as mortgages or childcare, that require a steady income, or they may not possess the skills or education to quickly switch to a new job or industry that offers higher wages. Therefore, changes in wage rates are less likely to have a significant impact on their decision to work.

Most Economist Agree That Individual Labor Supply Between $40 and $80